Italian President Giorgio Napolitano, who was reelected to the post last weekend, has given the mandate to form a government to center-left deputy leader Enrico Letta on Wednesday.After accepting the nomination the new Italian Prime Minister said that he would form "a government of service to the country." He stressed that politics in Italy should regain credibility in order to make head against the crisis. He said that the situation in Italy was very difficult at the moment and that the most urgent issues which should be addressed were unemployment, poverty and problems faced by small businesses. He suggested that the Eurozone should not press so much for austerity and rather focus on boosting growth in the area. 46 year old Enrico Letta is the second youngest Prime Minister in the history of Italian politics. He is the nephew of Gianni Letta, Silvio Berlusconi's close ally and despite his young age he has extensive government experience (he held various ministerial positions in the Italian government and served as a Member of the European Parliament for the North-East region) The cabinet formed by Letta will receive support mainly from Berlusconi's People of Freedom (PDL) party, Letta's Democratic Party (PD) and Mario Monti's centrist Civic Choice.http://blog.fxcc.com/forex-technical-market-analysis-april-25-2013/

Upwards scenario: The recent price acceleration on the upside suggests a possible move higher. Next on tap is resistive barrier at 1.5334 (R1) on the way towards to higher targets at 1.5347 (R2) and 1.5361 (R3). Downwards scenario: On the other hand, if the price failed to gain momentum on the upside we expect retest of our next support level at 1.5298 (S1). Clearance here is required to keep the downside extension intact and enable our lower targets at 1.5285 (S2) and 1.5270 (S3).

Upwards scenario: Measures of resistance might be activating when the pair approaches the 99.77 (R1) mark. Break here would suggest next interim target at 100.13 (R2) and If the price keeps its momentum we expect an exposure of 100.48 (R3). Downwards scenario: Signal of instrument depreciation would be created below the next support level at 99.15 (S1). In such case we would suggest next interim target at 98.77 (S2) and then our final aim at 98.40 (S3).